NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS.
VANCOUVER, British Columbia, April 6, 2021 (GLOBE NEWSWIRE) – Prime Mining Corp. (“Prime” or the “Company”) (TSX.V: PRYM, OTCQB: PRMNF, Frankfurt: A2PRDW) is pleased to announce that it has entered into an agreement with Desjardins Capital Markets, acting as sole bookrunner and co-lead manager, at name of a syndicate of underwriters co-led by Desjardins Capital Markets and TD Securities Inc. (the “Co-Leaders” and collectively the “Underwriters”) under which the Underwriters have agreed to purchase for resale, under a bought deal private placement, 8,475,000 Units (the “Units”) at a price of $ 2.95 per Unit for gross proceeds of approximately $ 25,01,250 (the “Offer”). Each Unit will consist of one common share of the Company (each a “Common Share”) and one-half common share purchase warrant (each entire warrant a “warrant”). Each warrant will be exercisable for one common share at an exercise price of $ 5.00 for a period of 36 months following the closing date (as defined below).
The net proceeds of the Offering will be used by the Company for the exploration and development of the Company’s Los Reyes mining property and for general corporate purposes. Prime was also informed of Pierre Lassonde’s intention to participate in the placement.
The Underwriters will have the option, exercisable at any time before 48 hours prior to the Closing Date, to acquire up to an additional 15% of the number of Units purchased under the Offering. The Underwriters will receive a cash commission equal to 6% of the gross proceeds of the offering.
The offering is expected to close on or about April 27, 2021 (the “Closing Date”) and is subject to certain conditions, including, but not limited to, regulatory approvals, including conditional listing approval. of the TSX Venture Exchange.
The Units will be offered for sale by private placement in all provinces of Canada pursuant to applicable exemptions from the prospectus requirements of Canadian securities laws. Units may also be sold in jurisdictions outside of Canada as may be agreed by the Underwriters and the Company, in each case in accordance with applicable laws. The common shares and warrants comprising the units to be issued under the offering will be subject to a holding period in Canada expiring four months and one day from the closing date of the offering.
This press release does not constitute an offer to sell securities in the United States. Securities may not be offered or sold in the United States without registration under the US Securities Act of 1933, as amended, or an exemption from such registration. The Company has not registered and will not register the securities under the US Securities Act of 1933, as amended. The Company does not intend to engage in a public offering of its securities in the United States.
About Prime Mining Corp.
Prime Mining Corp., a member of the TSX Venture 50, is an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators who have come together to create a short-term and long-term gold producer. low cost in the historically productive Los Reyes region. project in Mexico. Prime has a well-planned capital structure with a large team and insider ownership.
The TSX Venture 50 is a ranking of the top performers in each of the 5 industry sectors on the TSX Venture Exchange over the past year.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
For more information, please contact:
Chairman and CEO and Director
Prime Mining Corp.
1307 S. Colorado Ave.
Boise, Idaho 83706
Telephone: +1 (208) 926-6379 office
E-mail: [email protected]
Executive Vice President and Director
Prime Mining Corp.
1507 – 1030 West Georgia Street
Vancouver, BC, V6E 2Y3
Telephone: +1 (604) 428-6128
E-mail: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained in this document may include forward-looking statements, which are forward-looking in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections regarding future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from future results. expressed or implied by forward-looking statements. . These statements can generally be identified by the use of forward-looking words such as “may”, “should”, “could”, “intention”, “estimate”, “plan”, “anticipate”, “expect”. “,” Or “continue”, or the negative thereof or similar variations. Forward-looking statements contained in this press release include statements regarding Mr. Lassonde’s involvement, the closing of the offering, regulatory approvals and ‘intended use of the proceeds of the investment.
While these statements reflect the current plans, projections and intentions of management, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and, as such, one should not place undue reliance on these forward-looking statements. There can be no assurance that the above transactions will be completed on the contemplated terms, if at all. The actual results, programs, activities and financial condition of the Company could differ materially from those expressed or implied by these forward-looking statements.